In the Claremont Review of Books, “Keynes’s Last Stand,” Prof. Brian Domitrovic reviews Lord Skidelsky’s latest book on Keynes, Money and Government.
From Bloomberg, Director Kudlow praises AOC for revealing the Fed’s Phillip’s Curve model is broken.
Saleha Mohsin and Jennifer Jacobs at Bloomberg report that President Trump is looking for ways to weaken the dollar over the opposition to weakening by Larry Kudlow and Steve Mnuchin.
On Fox Business, Arthur Laffer reminds us that Trump isn’t the first president to duke it out with the Fed.
Thomas Franck, at CNBC, features Fed Chair Powell’s Congressional testimony condemning the gold standard: “Federal Reserve Chairman Jerome Powell told Congress on Wednesday that he doesn’t think a return to the gold standard in the U.S. would be a good idea. You’ve assigned us the job of two direct, real economy objectives: maximum employment, stable prices. If you assigned us [to] stabilize the dollar price of gold, monetary policy could do that, but the other things would fluctuate and we wouldn’t care. We wouldn’t care if unemployment went up or down. That wouldn’t be our job anymore. There have been plenty of times in the fairly recently history where the prices of gold has sent signal that would be quite negative for either of those goals.”
CrowdfundingInsider reports on Jerome Powell’s answers about Libra at recent Congressional hearing.